Dev Property Developments, an AIM-listed Indian investor is to sell two thirds of its development portfolio.

The company, led by chairman Rishi Khosla, is looking to sell two separate 13% stakes in developments in Mumbai and Lower Parel to Indiabulls Properties Investment Trust, a Singapore-based Indian investor.

Shareholders will vote on the sale at an extraordinary meeting on 25 January.

In a statement Khosla said: ‘At the time of the IPO we announced that a possible strategy to maximise return on investments might include the sale of the company’s interest in its development projects.’

Return of 35%

Dev Property said it expected to provide an average return of 35% through the sales which, if approved, should complete by March.

Proceeds of the sale are expected to be reinvested in further development schemes in India.

Khosla said: ‘Today’s announcement highlights our ability to implement this strategy in order to create shareholder value and opens up promising opportunities for future investment.’